Results 21–40 of 11963 for speaker:Philip Hammond

Oral Answers to Questions — Treasury: Income Tax Thresholds (24 Oct 2017)

Philip Hammond: In 2017-18, as a result of increasing the tax-free personal allowance and the higher rate threshold, 31 million individuals will see their income tax bill reduced and 1.3 million individuals will be taken out of income tax altogether; 585,000 individuals will have been taken out of the higher rate of tax in 2017-18.

Oral Answers to Questions — Treasury: Income Tax Thresholds (24 Oct 2017)

Philip Hammond: I can absolutely confirm that. I can also tell my hon. Friend the good news that a typical basic rate taxpayer will pay £1,005 less income tax in 2017-18 than in 2010-11.

Oral Answers to Questions — Treasury: Income Tax Thresholds (24 Oct 2017)

Philip Hammond: I am always very open to receiving from colleagues around the House ideas for specifically targeted taxes. If my hon. Friend has such an idea I would be very pleased to receive it.

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: As we look ahead to the GDP figures out tomorrow and to the Budget in a month’s time, my focus is on the three key challenges we need to meet as we seek to build an economy that works for everyone: first, protecting the economy by managing short-term uncertainty; secondly, achieving a good Brexit outcome; and, thirdly, addressing the longer term productivity challenge to ensure that...

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: I refer my right hon. Friend to the analysis of the Opposition party’s proposals, if we can call them that, done by the Conservative party at the time of the general election. The Government’s policy is to sell assets when there is no longer a policy reason to retain them and to reinvest the proceeds of such sales in policy priorities. Nationalising assets would increase public...

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: As the right hon. Gentleman very well knows, our clear objective and priority is to achieve a deal with the European Union. Our preference would be for a deal that gives a comprehensive trade, investment and security partnership between the UK and the European Union in the future. As part of such a deal, we will seek an implementation phase that gives British businesses, and indeed Government...

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: The right hon. Gentleman is correct to say that this matter is urgent and pressing, which is why we were so pleased that last week at the European Council the 27 agreed to start internal preparatory discussions for an implementation period. I am confident that we will be able to give businesses the confidence and certainty they need.

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: The hon. Gentleman will see, if he looks at that revision, that the cause is lower-than-anticipated returns on UK investment stocks held overseas, principally returns on mining and petroleum-related activities.

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: We are acutely aware that inflation has spiked, but the overwhelming majority of forecasters expect it to start to fall again in the new year. The spike in inflation has been driven primarily by the depreciation in the value of sterling last year, but I will take the hon. Gentleman’s comments on VAT as a representation for the Budget and will consider them carefully.

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: Yes. As I said earlier, the UK economy is fundamentally strong. We have the world’s second largest services export sector at a time when emerging economies across the globe are sucking in new demand for services, and we have a global lead in various areas of emerging technology that will drive the fourth industrial revolution. This country has a bright long-term future. Of course we...

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: We need to invest in our infrastructure and the skills of our people, we need to ensure that our high growth businesses have access to long-term capital, and address the regional disparity in productivity performance. If we can tackle those four things, we can start to close Britain’s productivity gap and see real wages rising sustainably over many years ahead.

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: As I have said several times today, we are reassured by the fact that at the European Council the 27 agreed to start the internal preparatory discussions on an implementation period. We are absolutely aware of the needs of business in this area, and they have been reinforced again by business leaders this week. We are confident that we will be able to deliver reassurance to business in...

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: The hon. Lady will be aware of the increase in inflation—CPI inflation stands at 3%. Most forecasts suggest that it might go 0.1% higher before falling steadily from late this year. Obviously any increase in inflation will have a negative impact on real wages, and we very much look forward to CPI inflation falling and real wage growth resuming in this country next year.

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: Yes, British business has made it clear that it wants the earliest possible certainty about the implementation of interim arrangements. It has also made it very clear that it does not want any Marxist mayhem.

Oral Answers to Questions — Treasury: Topical Questions (24 Oct 2017)

Philip Hammond: We consider all areas of taxation in the run-up to all fiscal events, but I have certainly heard my hon. Friend’s comments and I will take them as a representation.

Previous Business – Commons: Select Committee (11 Oct 2017)

Treasury: The Work of the Chancellor of the Exchequer. 9:45 am; The Thatcher Room, Portcullis House
Witnesses: The Rt Hon Philip Hammond MP, Chancellor of the Exchequer, HM Treasury Ms Katharine Braddick, Director General, Financial Services, HM Treasury

Previous Business – Lords: Select Committee (12 Sep 2017)

Economic Affairs Committee: Chancellor of the Exchequer. 3:30 pm; Room 1, Palace of Westminster
Witnesses: (at 3:35 PM) Rt Hon Philip Hammond MP, Chancellor of the Exchequer

Written Ministerial Statements — HM Treasury: Notification of contingent liability (5 Sep 2017)

Philip Hammond: The Governor of the Bank of England requested on 3 August 2017 to raise the limit on purchases that may be undertaken by the Asset Purchase Facility (APF). This will ensure that the Term Funding Scheme (TFS) can continue to lend central bank reserves to banks and building societies during a defined drawdown window at rates close to Bank Rate, to ensure that the very low level of Bank Rate is...

Oral Answers to Questions — Treasury: National Debt (18 Jul 2017)

Philip Hammond: Debt has climbed steadily since 2009 as a result of the high levels of deficit. Since 2010, we have reduced the deficit by three quarters, so national debt will now peak at just under 90% of GDP this year. As the OBR’s “Fiscal risks report” of last week makes clear, that level of debt—a legacy of Labour’s recession—leaves us vulnerable to future shocks,...

Oral Answers to Questions — Treasury: National Debt (18 Jul 2017)

Philip Hammond: My hon. Friend is absolutely right. He might have added that were anyone to suggest that they were able to do that, they could be accused of practising a deception on the people to whom they were offering that proposal. The cruelty of that would become apparent when it would have to be admitted that the proposal could not possibly be delivered. We face a debt challenge in this country, and we...


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